1. Improve confidence Overcome the fear factor by increasing your self-worth. Remember, you are talking to this potential customer for a reason—they are interested in your product. Identify your product’s key differentiators along with your own strengths, and use your passion about your business to improve your confidence. 2. Identify the sources of power Power in negotiation is the capability of forcing the other side to change its position due to something you possess. Identify the sources of power for yourself and your prospect. For example, do you have a valid alternative? If yes, then use its existence as leverage. Use the power of weakness—for example, ask for shorter, less complex contracts, given that you are a small startup without access to expensive lawyers. Types of preparation - Strategic: what are your interests and what are the interests of the other side? Is there a “zone” of possible agreement? - Tactical: what are your starting positions? How do you justify them? - Operational: what is your optimal negotiation team? When, where, and how would it be best for you to hold the negotiations? 64